How much does it cost to rent in Franklin, IN?

As of August 2026, the median monthly rent in Franklin, IN is $1,821. This figure is based on aggregated data from public sources and community-submitted rents.

Is Franklin cheaper than other Indiana cities?

Franklin is one of the pricier cities in Indiana, ranking #15 out of 62 cities tracked at $1,821/mo.

When was Franklin rent data last updated?

Franklin rent data reflects August 2026 and was last refreshed on August 17, 2026. RentDataNow refreshes all data monthly using public and private datasets.

What is the Fair Market Rent in Franklin, IN?

HUD sets the Fair Market Rent for a two-bedroom home in Franklin, IN at $1,230 per month, which is 32% below the $1,821 market median. Fair Market Rent is the Housing Choice Voucher (Section 8) payment standard. It is a 40th-percentile gross rent that includes essential utilities such as electricity, water, gas, sewer, and trash, and HUD updates it once a year, so it measures something different from current market asking rent.

City Report · IN

Franklin

Name: Average Rent Prices in Franklin, IN
Creator: RentDataNow
License: https://creativecommons.org/licenses/by/4.0/

Pop. 26,168·15th most expensive in Indiana·Franklin rents are up 9.4% over the past year

Median rent (all units)

$1,821/mo

Year-over-Year

+9.4%

Month-over-Month

+0.7%

vs US Median

-$141

Rising (Monthly)

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Most AffordableMost Expensive

Franklin · $1,821

More affordable than 52% of US cities · National median $1,962/mo

Rent Reality Score

52/100

Fairly priced

OverheatedFairGreat value

Rents are right about where Franklin's 10-year trend predicts.

Actual rent

$1,821/mo

Expected by trend

$1,841/mo

The Rent Reality Score compares today's median rent to where Franklin's own long-run trajectory projects it should be. See the full rankings →

Medians by bedroom

Rent by unit size

Studio

$920

1 BR

$1,050

2 BR

$1,230

3 BR

$1,600

4 BR+

$1,940

Fair Market Rent (HUD)

$1,230/mo

These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,821 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.

Source: HUD Small Area Fair Market Rents. Read the methodology →

Rent trends

12-month history

Loading…

Last updated: August 17, 2026

Annual cost

$21,852/yr

At $1,821/mo median

Rent Market Meter

Strong Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are up 9.4% year-over-year. Expect competition, and move quickly to lock in terms.

Based on rent-price momentum (+9.4% YoY, +0.7% MoM), not inventory.

Rent check

Is your rent fair?

Compare your rent to the local median.

Demographics

Who lives here

Franklin, IN is majority owner-occupied, 27.8% of residents hold a bachelor's degree or higher.

Population

26,168

Median income

$82,380

Median age

34.5

Renters

34.3%

Age distribution

24.7%

26.2%

24%

15.5%

Under 1824.7%

18–3426.2%

35–5424%

55–649.6%

65+15.5%

Gender

46.9%

53.1%

Male46.9%

Female53.1%

Race & ethnicity

90.3%

White90.3%

Black3%

Hispanic2.7%

Asian1.5%

Other2.5%

Education (25+)

30.3%

33.4%

27.8%

No HS diploma8.6%

HS diploma30.3%

Some college33.4%

Bachelor's+27.8%

Housing tenure

65.7%

34.3%

Owner65.7%

Renter34.3%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How Franklin, IN has changed in 5 years

Rent

$1,311 → $1,821

up 38.9%

Income

$63,518 → $82,380

up 29.7%

Population

25,112 → 26,168

up 4.2%

Renter share

36% → 34.3%

-1.7 pts

Bachelor's+

21% → 27.8%

+6.8 pts

Median age

35.2 → 34.5

-0.7 yrs

Compared with 2021, rent in Franklin, IN has increased by $510 per month, settling near $1,821 after starting the period at $1,311. Household income in the area moved from $63,518 to $82,380 across the same window, up 29.7% versus 2021. Rent outpaced income growth by roughly 9.2 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. Headcount in the area went from 25,112 to 26,168 between 2021 and 2024, a 4.2% change. About 34.3% of households rent today, against 36% in 2021. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 21% to 27.8%. Reading these numbers side by side helps frame whether current listings in Franklin, IN look reasonable against where the market sat half a decade ago.

Community

Discussions about Franklin

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View Franklin rent history (2015–2026) →

Salary vs rent

Can you afford rent in Franklin on your salary?

At $1,821/mo, how Franklin rent compares to typical pay (30% rule).

Registered Nurse

Avg $86,922/yr · Rent = 25.1% income

affordable

Elementary School Teacher

Avg $61,714/yr · Rent = 35.4% income

stretched

Police Officer

Avg $71,088/yr · Rent = 30.7% income

stretched

Software Developer

Avg $127,061/yr · Rent = 17.2% income

very comfortable

Lawyer

Avg $162,352/yr · Rent = 13.5% income

very comfortable

Firefighter

Avg $57,785/yr · Rent = 37.8% income

stretched

Truck Driver

Avg $52,173/yr · Rent = 41.9% income

rent-burdened

Electrician

Avg $64,308/yr · Rent = 34% income

stretched

By apartment size

Franklin rent by bedroom count

Median rent for each apartment size in Franklin. Click any size for full breakdown.

Local insights

Tips for renters in Franklin

About renting in Franklin, IN

Last updated: August 17, 2026

The median rent in Franklin is $1,821/mo as of August 2026. A studio apartment averages $920/mo while a 2-bedroom runs $1,230/mo. One-bedroom apartments average $1,050/mo and 3-bedroom units go for $1,600/mo.

At 27% of local median household income ($82,380/yr), Franklin ranks as affordable compared to the national benchmark of 30%. Rents have increased 9.4% over the past year.

FAQ

Frequently asked questions

Is Franklin an affordable city for renters?

Franklin is considered affordable for renters. At $1,821/mo, rent takes approximately 27% of the local median household income ($82,380/yr). The standard benchmark is 30%. Franklin falls comfortably within that range.

How much income do you need to rent in Franklin?

To keep rent at or below 30% of gross income, you would need to earn at least $73,000/year (~$35/hour full-time) to afford the median rent of $1,821/mo in Franklin. The local median household income is $82,380/yr, meaning the typical Franklin household meets that threshold.

Is rent going up or down in Franklin?

Rent in Franklin has increased 9.4% over the past year as of August 2026, putting upward pressure on renter budgets.

How does Franklin rent compare to other cities in Indiana?

Franklin is one of the pricier cities in Indiana for rent, ranking #15 out of 62 tracked cities at $1,821/mo.

Which nearby cities are cheaper to rent in than Franklin?

Several nearby cities have lower median rents than Franklin ($1,821/mo): Shelbyville ($1,058/mo), Beech Grove ($1,258/mo), Columbus ($1,398/mo).

What percentage of Franklin residents rent vs. own?

According to Census data, approximately 34.3% of Franklin households are renters, while 65.7% are owner-occupied. Franklin leans toward homeownership, which can mean a smaller rental inventory.

How does Franklin rent compare to the national average?

Franklin's median rent of $1,821/mo is $141 (7%) below the US national median of $1,962/mo. Within Indiana, it ranks #15 out of 62 tracked cities.

Income Affordability

27%

AFFORDABLE

At $1,821/mo, rent takes ~27% of Franklin's median household income ($82,380/yr). The standard benchmark is 30%.

Franklin 27%Benchmark 30%

State income tax3.05%

Run the Franklin affordability calculator →

Nearby cities